Yorkshire Building Society has reported a 13 per cent increase in gross lending for 2003, which shot up to £2.8bn in 2003 from £2.48bn in 2002. Assets increased in 2003 by 6.8 per cent to £14.44bn from £13.52bn, and pre-tax profits are up 13 per cent to £71.6m from £63.36m. YBS says its borrower retention rate is 20 per cent better than the industry average, and its arrears represent just 0.006 per cent of its mortgage balances.
The year is just a few weeks old and yet I feel a stream of consciousness of financial services policy events hitting us all. Standard Life, Penrose, the Treasury select committee and endowment sales, the Child Trust Fund Bill, the FSA business plan and structure, financial capability, price capping, the Retirement Income Reform Bill, Informed […]
GE Life is looking to build on its pension business relationship with IFAs to boost sales in the equity-release market. Head of marketing David Lowe says he puts forward lifetime mortgages and home-reversion plans with IFAs as possible solutions to clients' needs. The company is also planing an equity-release advertising campaign which is expected to […]
IFA group Positive Solutions has criticised rival Bankhall over its claims that it cannot reconcile its advisers' commission because of inaccurate electronic statements from product providers. Positive Solutions is also part of Adviser Forum, the group which is carrying out research into what it considers to be a serious problem with electronic commission statements from […]
Buy-to-let borrowers are finding it harder to secure loans after rental yields fell last year, according to IFA Savills Private Finance. CML figures show that the buy-to-let market continued to rise in the second half of 2003 but SPF director Simon Jones says that some lenders will not lend on properties unless rental income exceeds […]
What a difference six months makes. Speaking in September last year, we had warned of ‘excessive pessimism’ afflicting the market’s perception of India. Since then, responsible central bank policy from the Reserve Bank of India (RBI), alongside improving global growth, has meant that India’s macro environment is strengthening quickly. The current account deficit has shrunk, inflation is falling and the government has embarked on a heavy dose of much needed fiscal consolidation. As a result, the rupee has been one of the strongest global currencies this year while the market has touched all-time highs, rallying by more than 20 per cent (GBP) since September. This begs the question: are we now in a period of ‘irrational exuberance’? Not yet.
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Three advice firms have stopped giving pension transfer advice following work by the FCA over the future of the British Steel Pension Scheme. A statement this afternoon details the FCA’s “information gathering exercise” to identify the firms that have been most active in advising people to transfer out of the scheme. The regulator got information from […]
The FCA has launched a consultation on its approach to authorisation and competition, which will be open to responses until March next year. Following the launch of the FCA’s mission in April, the approach documents are the second and third in a series of papers explaining how the watchdog tackles regulation. The first document, the […]